4 Tips for Success With Uber and Lyft

The gig economy is booming, and companies like Uber and Lyft are expanding everywhere. If you’re looking to make some extra money on the side without a ton of stress or create a flexible full-time job, rideshares are the industry for you.

Driving for rideshares gives you the benefits of freelance work without the hassle of “owning” your business. Uber and Lyft are the trusted names; you are the independent contractor approved by them, and the clients come to you because they trust you, by extension.

If you’re working in a big city with a high rideshare demand, you’re probably going to be successful. But following these four tips will help you increase your profits and get return clients, wherever you’re located.

1. Take Defensive Driving Courses

You obviously already have your clean driver’s license, or you wouldn’t be approved by Uber or Lyft. Did you know that taking a defensive driving course can reduce your insurance premiums, though?

Rideshare companies have their own policies in place in case of an accident caused by their independent contractors. You’re required to have a commercial auto policy (or a personal policy that covers Uber and Lyft rides), as well.

In the event of an accident, the responsibility for coverage can get confusing, as discussed in this article by JT Legal Group. That’s why many insurance companies don’t cover rideshare drivers, or if they do, the policies are expensive. 

Taking (and passing) a defensive driving course can save you 10% or more on your premiums. If you plan on working as a rideshare driver for at least a few months, this is an excellent investment.

2. Opt-In For the Rideshare Driving Courses, Too

You thought school was over a long time ago, but if you want to make extra cash from your rideshare job, you’re going to need another class.

Uber and Lyft provide training tools for their drivers, but those are usually the basics that show you how to use the app and follow the company’s policies. Other courses, like Maximum Ridesharing Profits, teach you the hidden tips and tricks to master the system. Learn how to boost your gratuities and point ratings, lower your fuel usage, and keep better records for tax purposes when you take a course.

3. Open a Store Inside Your Car

How many times have you picked up a tired, hungry passenger who asked you to take them to grab a bite to eat first? Why not capitalize on their needs and help them at the same time by having snacks and drinks in your car?

Visibility sells. When you display the vending machine or for-purchase items in your car, even people who weren’t asking for extra stops may grab a drink or bite to eat. 

If you don’t want to invest in the out-of-pocket cost of buying everything yourself, there are companies that provide the products for you. You partner with the company, sell the products, and keep the profit. 

4. Watch for Bonuses

If you haven’t signed up for a rideshare company yet, keep an eye out for the sign-on bonuses or get a referral from another driver. You get a bonus for doing what you already planned on doing anyway.

Once you start the job, you’ll quickly notice the prime hours when there’s a high demand for drivers. Uber calls this “surge pricing,” Lyft calls it “prime time,” but you can call it “big-money opportunities.”

Because the companies need a lot of drivers to keep their global reputations, Uber and Lyft offer perks if you pick up customers during peak time. The rate for a ride increases, and you can make extra cash for each ride you complete.

It might take a little while to learn the system and the area well enough to capitalize on surge pricing. When you do, the money you make may be worth the extra pressure of rush hour traffic.

Conclusion

Making your rideshare driving experience a fruitful one is possible because you already have the Lyft and Uber names attached to your vehicle. It’s up to you to be a safe and respectful driver that makes customers want to ride with you more often. 

In addition to your reputation, these four tips can increase your profit as you continue your freelance career.

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